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Improving EITF to Improve Accounting Practice

Robert Herz | June 9, 2015

Last year the Emerging Issues Task Force at the Financial Accounting Standars Board turned 30. Consistent with prior practice, FASB has been conducting a 10-year review of the EITF. Such reviews were done in 1995 and 2005, and resulted in various changes intended to improve the EITF’s processes and overall effectiveness. FASB is taking another turn at the wheel this year.

The EITF was established in 1984 to assist FASB in the timely identification, discussion, and resolution of accounting and financial issues encountered in practice, including those resulting from new types of transactions and...

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